WHAT DID YOU EXPECT?

What did you expect? What did you expect when the President went on the tube to tell everyone that if we don’t raise more debt to pay our debts, we would be on the precipice? Did you expect businesses to hire more employees? What kind of confidence did that move instill in the job creators of this country? You tell me. I do not think this administration is thinking before speaking. I do not think this administration is thinking before doing. (scheduling a huge speech the night of a debate and without telling the other side of the aisle)

As far as the market, I told you it was the norm to rally into resistance and I told you we were now entering massive overhead resistance. Typically, sellers would show up at those levels. Well…sellers showed up at those levels as the market churned and reversed the past couple of days and now we come into another gap to the downside.

I have no clue how today plays out. Who knows if Big Ben decides to print $10 trillion and buy up the S&P?

Absent that, all evidence in is not showing a pretty sight. And then we get another stimulus proposal next week. Oh joy!

Have a good holiday weekend.

Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.